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    Walk-Up Apartment Building with Parking Title is generated by Realmo AI

    4854 Elm St, Skokie, IL 60077

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    For Sale
    $2,375,000

    Well-maintained 13-unit walk-up offers a mix of 1- and 2-bedroom layouts plus exterior parking and value-add upside.

    Type:Multifamily
    Added:
    Jun 2, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 3 at 1:47 am

    Property Features for 4854 Elm St

    General Information

    Standard status
    Active
    Property subtype
    Multifamily

    Building Details

    Year Built
    1929

    We can help!

    Listing Contact
    Danny Logarakis

    Listing agent Danny Logarakis License #IL #475165250

    Listing office

    Listing date Jun 2, 2026

    Source Kisergroup

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Danny Logarakis

    HighLights

    • 13‑unit walk‑up apartment building built in 1929 on a quiet residential street just off Skokie Boulevard in Skokie, Chicago
    • Unit mix includes (11) 1‑bedroom units and (2) 2‑bedroom units, plus 1 non‑conforming unit
    • Spacious floor plans with separate living and dining rooms
    • Garden‑level potential to convert four 1‑bedroom units into 2‑bedroom units
    • Includes 15 exterior parking spaces
    • Blocks from the Dempster/Skokie Metra

    Overview

    This well-maintained 13-unit walk-up apartment building features spacious layouts with separate living and dining rooms. The unit mix includes (11) one-bedroom units and (2) two-bedroom units, along with one non-conforming garden unit. The property also presents value-add potential to convert four 1-bedroom units into 2-bedroom configurations, supporting an investor strategy aimed at improving income and functionality. Exterior parking is available with (15) spaces to serve residents.

    Located on a quiet residential street just off Skokie Boulevard in Chicago’s Skokie neighborhood, the property benefits from a suburban submarket setting. It is positioned blocks from the Dempster/Skokie Metra, offering convenient commuter access while maintaining a residential feel.

    For investors, this building offers an established rental base with opportunities to enhance unit mix through conversion of select apartments. The combination of practical parking, a well-proportioned layout profile, and proximity to transit makes it a compelling fit for buyers seeking a stable, attractive asset with defined improvement potential in a strong suburban corridor.
    Location Intelligence

    Current Use by Public Records

    A-ABF HAULING Waste Management Facility

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Skokie
    County
    Cook
    State
    Illinois
    Longitude
    -87.749544
    Latitude
    42.0347209

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    FAQs

    What type of property is this?
    Apartment building - Well-maintained 13-unit walk-up offers a mix of 1- and 2-bedroom layouts plus exterior parking and value-add upside.
    Where is this apartment building located?
    The property is located at 4854 Elm St Skokie, IL.
    What is the asking price?
    The asking price for this property is $2,375,000.
    What are key features of this property?
    This property features: 13‑unit walk‑up apartment building built in 1929 on a quiet residential street just off Skokie Boulevard in Skokie, Chicago; Unit mix includes (11) 1‑bedroom units and (2) 2‑bedroom units, plus 1 non‑conforming unit; Spacious floor plans with separate living and dining rooms
    (312) 860-7940
    We can help!
    Listing Contact
    Danny Logarakis
    Real Estate License ID: IL #475165250
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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